Ola Electric Mobility , a prominent player in India's electric vehicle market, has seen its shares decline significantly over the past week, reflecting both technical and fundamental challenges.

Stock Performance

Ola Electric's stock has experienced a sharp downturn:

Technical analysts note that the stock remains in a downtrend since its IPO highs, with key resistance levels at Rs 60-65 and support at Rs 40.

Q3 Financial Results

The company recently reported mixed quarterly results:

Despite the revenue decline, Ola Electric achieved Auto EBITDA profitability for the first time, marking a significant milestone for the company. The company also reported a 52% reduction in operating expenses.

Future Outlook

Ola Electric has set targets for the near future:

• Projected full-year revenue: Rs 3,000-3,200 crore
• Targeted deliveries for H2: 100,000 units

Technology Development

The company dismissed a South Korean report alleging improper acquisition of battery technology as 'misleading and baseless.' Ola Electric stated that it has begun commercial production of its in-house 4680 Bharat Cell technology, reinforcing its commitment to technological advancement in the EV sector.

The recent stock performance and mixed financial results highlight the challenges and opportunities facing Ola Electric as it navigates the competitive and rapidly evolving electric vehicle market in India. While the company has made strides in profitability and technology development, investors appear to be cautious, as reflected in the recent stock price movements.

Ola Electric Mobility , a prominent player in India's electric vehicle market, has strongly denied accusations of stealing battery technology from South Korea's LG Energy Solution. The company dismissed these claims as misleading and baseless, asserting its commitment to indigenous innovation and technological advancement.

Allegations and Ola's Response

Ola Electric faced allegations that a former LG Energy Solution executive attempted to pass pouch cell technology to the company. However, Ola Electric countered these claims by stating that the alleged leaked pouch cell technology is not part of their research focus. The company emphasized that their 4680 Bharat Cell utilizes advanced dry electrode technology in a cylindrical form, which differs significantly from the technology in question.

Timing of Allegations and Market Competition

Ola Electric questioned the timing of these allegations, noting that they coincided with the commercial production of their 4680 Bharat Cell. The company suggested that the accusations might be driven by a foreign rival's fear of losing market opportunities in the face of indigenous battery innovation.

Ola's Technological Advancements

To underscore its commitment to innovation and self-reliance, Ola Electric highlighted several key achievements:

Market Implications

Ola Electric positioned its 4680 Bharat Cell as a direct competitor to Korean manufacturers in the domestic market. This development signifies a potential shift in India's electric vehicle battery landscape, with domestic production challenging established international players.

The company's strong rebuttal and emphasis on indigenous technology underscore the intensifying competition in the global electric vehicle battery market. As the industry evolves, the focus on developing and protecting proprietary technologies is likely to become increasingly crucial for market players.

This situation highlights the complex interplay between international technology transfer, intellectual property rights, and the push for domestic innovation in emerging markets like India. As the electric vehicle sector continues to grow, such conflicts may become more common, emphasizing the need for clear international standards and cooperation in technology development.